# Table 13c: Rate-Mediated Income Balance Structural Break

| Variable | Full: baseline | Full: +rates | Pre-GFC: baseline | Pre-GFC: +rates | Post-GFC: baseline | Post-GFC: +rates |
|:---|---:|---:|---:|---:|---:|---:|
| Z_1 | 41.3648*** | -5.0860 | 55.6099*** | -13.0333 | 28.5965 | 0.8935 |
| | (15.4488) | (22.7025) | (20.9350) | (23.6748) | (20.2516) | (41.2203) |
| Z_2 | -6.3992*** | 0.5728 | -8.2977*** | 1.5715 | -4.6945 | 0.1842 |
| | (2.3132) | (3.0198) | (3.1948) | (3.2778) | (2.9661) | (5.2262) |
| Z_3 | 0.2671*** | -0.0133 | 0.3368** | -0.0504 | 0.2049* | -0.0079 |
| | (0.0941) | (0.1132) | (0.1318) | (0.1268) | (0.1189) | (0.1887) |
| fiscal_bal_gdp | 0.0590** | 0.0422* | 0.0549 | 0.0536** | 0.0611** | 0.0631 |
| | (0.0273) | (0.0227) | (0.0440) | (0.0270) | (0.0312) | (0.0536) |
| nfa_gdp_lag | -0.6909*** | 0.7027* | -0.8596** | 0.5528 | -0.1921 | 1.5876** |
| | (0.2204) | (0.3988) | (0.3387) | (0.4755) | (0.2336) | (0.6348) |
| log_rel_opw | -3.2823*** | -5.8514*** | -3.4351*** | -3.8709*** | -3.2819*** | -8.4728*** |
| | (0.5234) | (1.2038) | (0.6432) | (1.4179) | (0.6895) | (1.8346) |
| kaopen | 0.1722 | -0.0351 | 0.2690 | -0.1369 | -0.1858 | 0.3382 |
| | (0.2052) | (0.2066) | (0.2702) | (0.1972) | (0.2832) | (0.5279) |
| real_bond_10y | | 0.0503* | | 0.0139 | | 0.1359*** |
| | | (0.0293) | | (0.0363) | | (0.0502) |
|:---|---:|---:|---:|---:|---:|---:|
| Dep var | income_balance_gdp | income_balance_gdp | income_balance_gdp | income_balance_gdp | income_balance_gdp | income_balance_gdp |
| N | 3907 | 711 | 2191 | 435 | 1432 | 230 |
| R² | 0.1294 | 0.2964 | 0.0932 | 0.1632 | 0.1935 | 0.4986 |
| Countries | 150 | 23 | 144 | 23 | 148 | 23 |

*Panel GLS with AR(1) errors. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*